Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,296.31 on lower volume. Our previous analysis is still valid. We got large buying climax in the background and also we are in major resistance area (1,292.00-1,300.00). Since the price has tested the level of 1,296.31, we almost reached our second upper station at the price of 1,298.00 (FE 61.8 %). Be careful with buying at this stage since we are in strong Fibonacci area. Our advice is to watch for potential bearish movement in case that we get strong supply on the market.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,295.39
R2: 1,298.27
R3: 1,302.93
Support levels:
S1: 1,286.07
S2: 1,283.19
S3: 1,278.53
Trading recommendation: Trading the metal, be careful with buying since we are in strong Fibonacci area.
